#Bitcoin On July 15th, I shared an analysis (on my X profile) about the crypto market situation. In it, I explained why I believed the sell-off had ended and that a positive sentiment could be expected in the coming weeks.
How does it look now? 👇
1️⃣ The price of Bitcoin has returned above $63,500, which is above the average realized price (purchase price) for short-term investors.
2️⃣ The market capitalization of USDT and USDC has increased, and changes in their capitalization directly impact the price of Bitcoin.
3️⃣ Miners are no longer underpaid (they were in an Underpaid phase); they are now fairly paid, meaning that Bitcoin mining and selling allow them to break even at the current price.
4️⃣ There have been large inflows into Bitcoin Spot ETF funds in the last two weeks.
5️⃣ Mt. Gox has started repaying creditors through the exchanges Bitstamp and Kraken. There is no panic in the market, and the price remains stable. I have been writing on my X profile for many weeks that Mt. Gox would not impact the market from a supply perspective, but only as a psychological factor.
6️⃣ Positive sentiment in the US market has returned due to the anticipation of the introduction of Spot ETFs for Ethereum and a speech by former US President Donald Trump at the Bitcoin conference in Nashville, which took place yesterday, 07/27/2024.
Written by IT Tech
